Gambling refers to the flutter of material things like money, or any tangible asset in an event that has doubtful results with the intention of making a gain from the exercise. In this case, the outcome of the probabilistic event is realized within a short time. The participants, known as gamblers, have risk-taking nature, as there are various risks involved in multiple forms of gambling. The high risks associated with gambling make the process considerably attractive to the participants due to high returns. In the event that they lose, they have to hand over material items to the other party. On the other hand, if they win, they gain additional material items. Since this form of gaming is attributed to risks, the government instill laws, which regulate the practitioners and make the process justifiable (Haerens, 2012). The process occurs in designated areas, and is usually voluntary for the participants. There exist various forms of gambling which involve different types of material items and conducted in different locations based on gamblers benefit.
Types of Gambling
1) Casino games
Casino games entail games played with the intention of gaining additional money. The participants may engage in them for fun, or for money. Repeatedly, they occur in casino settings. Casino games include multiple games like table games, electronic gambling, bingo, or keno. Table games involve a gambling game undertaken on a table with the participants surrounding and betting their money. Electronic gaming involves gambling games like pachinko, slot machine and video poker (Haugen & Musser, 2007).
2) Non-casino gambling games
The other gambling games, which are non-casino, include games like the dead pool, lotteries and pull-tab games. In some cases, other games include card games and dice-based games. These games usually involve the betting of one’s material items for the risk of gaining additional ones (Stewart, 2001).
3) Fixed-odd betting
The fixed-odd betting are usual gambling events undertaken in sporting situations or political arena. In some occasions, financial performance could be subjected to gambling if there are likely to be fluctuations. Some of the common forms of fixed-odd betting include pari-mutuel betting, sports betting and arbitrage betting. Pari-mutuel betting is a gambling activity undertaken in activities such as horseracing moments. Sports betting involve betting on team sports, which happen in the service industry in multiple countries. On the other hand, arbitrage betting involves financial processes that involve wagering on opportunities resulting in profit. Since the activities are prone to disagreement, the relevant authorities ensure their appropriate regulation, and some of them might be illegal based on their adversity to players (McGowan, 2008).
With the challenges encountered in the gambling process, it is appropriate to addresses the risks involved and establish means of curbing them .The process of gambling is critical and has intricate complexity to both the conductors and the gamblers. Regarding the gamblers, it is essential to undertake the process in a justifiable means that is impartial to all participants. In this regard, it is usually conducted in an open and conducive environment to enhance equity. In the gambling process, the conductor manages the participants’ conduct to ensure a fair game (Torr, 2002).
Concerning the gamblers, games are usually addictive despite their dire consequences. Due to this mental state, gamblers are prone to risk of losing their assets, or money in the gambling processes. In this regard, the gamblers have the notion that they cannot make unprofitable trials in the process, which is always contradictory to their beliefs. Based on this subconscious state of the mind, they are vulnerable to the tricks of the exercise, which could have undesirable outcomes. To address this scenario, the government establishes regulation that prevents players from exposing themselves to risks. In addition, there are regulations on the gambling conductors to prevent exploitation of the participants and enhance equity.